Chevron has won a key arbitration case against Exxon Mobil over Hess Corporation’s offshore oil assets in Guyana.

This was disclosed by the CEO of Exxon,
Darren Woods, in an intervon on Friday, according to CNBC.

The International Chamber of Commerce ruled in Chevron’s favor, paving the way for the company to move forward with its $53 billion acquisition of Hess.

Chevron shares rose by approximately 3% in premarket trading following the arbitration ruling in its favor.

“We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process,” Exxon said in a statement.

The dispute had cast significant doubt over the completion of Chevron’s acquisition of Hess, putting pressure on the company’s stock. Had Exxon prevailed, the $53 billion deal would have collapsed.

Exxon and the China National Offshore Oil Corporation had taken the case to the International Chamber of Commerce, arguing they held a right of first refusal over Hess’s stake in the Stabroek Block, a major offshore oil field in Guyana.

Hess holds a 30% stake in the Stabroek Block, while ExxonMobil operates the project with a 45% stake, and CNOOC owns the remaining 25%.